Phillwon here. You say you have an indicator that builds monowaves, is it the FX5 Neely Elliott Wave V1.2, I feel that this indicator is programmed wrong for Neowaves, as in a continuous market like forex you need the High and Low divided by 2 to get the proper waves. At the moment I use an moving average, parameters 1, simple, median (H,L/2) it works quite well but it misses out the small moves. If you have a different version that will divide the high and low of each day by 2 could you help please....Ignored
I am using moving average as you said but there is a problem here.As the book (mastering elliott wave) says we should have the price at the middle of a specific time period but the H,L/2 moving average ignores the time period and take the average price into consideration.for example during a day period with a H,L/2 price we may have any price at the middle of that day not necessarily be the H,L/2.